Inspired Reports Fourth Quarter And Full Year 2025 Results

Transition Underway to More Digital, Scalable, Higher Margin Business

• Fourth quarter Revenue of $77.2 million driven primarily by record Interactive revenue, up 53% year-over-year
• Fourth quarter Net Operating Income of $11.2 million, Net Loss of $7.2 million and Adjusted Net Loss of $5.1 million
• Adjusted EBITDA of $32.3 million, up 5% from prior year, generating a record 42% Adjusted EBITDA Margin, driven by all-time-high Interactive Adjusted EBITDA, up 60% year-over-year
• First quarter 2026 Adjusted EBITDA expected to increase by at least 20% year over year, with full year 2026 Adjusted EBITDA expected to be in the range of $112 million to $118 million¹

NEW YORK, March 10, 2026 (GLOBE NEWSWIRE) -- Inspired Entertainment, Inc. (“Inspired” or the “Company”) (NASDAQ: INSE), a leading B2B provider of gaming content, technology, hardware and services, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.

“Our fourth quarter results reflect the strength of our underlying business and the progress we are making in advancing our strategic priorities,” said Brooks Pierce, President and CEO of Inspired. “We delivered record Interactive revenue (+53% YoY) and Adjusted EBITDA (+60% YoY), underscoring the scalability and operating leverage of our digital core growth engine. With digital representing 52% of Adjusted EBITDA² following the November divestiture of our holiday parks business, we achieved a record Adjusted EBITDA margin for the quarter³.

Content continues to be a key differentiator across the portfolio. In Gaming, customers with new terminal deployments in our UK and Greece estates delivered double-digit gross win growth, supporting further share gains. In Virtual Sports, our new Virtual Soccer BetBuilder™ product in Greece is still in its early stages but is already driving increases in total bet volume and gross win, positioning us well for a broader rollout ahead of this summer’s World Cup. We remain focused on investing in product innovation and new content studios to build on this momentum and further strengthen our competitive position.”

Pierce added, “We have also strengthened our balance sheet, repaying approximately $13 million of debt⁴ and opportunistically repurchasing shares. We will continue to allocate capital thoughtfully while maintaining our focus on consistent performance, improved cash conversion, and long-term shareholder value.”

“Looking ahead, we see substantial opportunity across our portfolio,” Lorne Weil, Executive Chairman of Inspired, continued. “Our confidence is grounded in the expanding scale of our Interactive platform, a robust pipeline of innovative content, and continued geographic expansion. These growth drivers are compounding and position us to deliver sustainable, scalable performance over the long term.

We have been deliberate in reshaping the business toward a more digital, higher-margin model, and our fourth quarter results validate that strategy. We are gaining share, improving profitability, and increasing financial flexibility; creating greater optionality as we deploy capital to the highest-return opportunities.

We expect 2026 Adjusted EBITDA to be in the range of $112 million to $118 million¹. At the midpoint, this represents double-digit growth versus 2025 excluding the divested holiday parks business. We expect earnings to build progressively through the year, with our focus on converting earnings into stronger free cash flow generation and further enhancing long-term shareholder value.”

Recent Highlights

Corporate & Capital Allocation

• Sold UK Holiday Parks and certain associated leisure assets for £18.6 million on November 7^th; continuing transitional services and recurring game/content platform support (4Q 2025).
• Repaid approximately $13.3 million (£10.0 million) of debt principal (1Q 2026).

Interactive

• Record performance in December with five games in Eilers & Fantini’s Top 50⁵, including Bigger Piggy Christmas Bank™ at #6 among new online slots (4Q 2025).
• U.S. iGaming GGR market share⁵ increased 50 basis points quarter-over-quarter in 4Q 2025, driven by a step change in the number of top performing game themes.
• Expanded into South Africa (4Q 2025).
  
  

Gaming

• Launched new customer Jenningsbet with 470 terminals installed in 4Q 2025 and 120 in 1Q 2026.
• Successfully deployed our first cloud-native lottery platform with LEIDSA in the Dominican Republic, powering 2,500 terminals and integrated digital channels (4Q 2025).

Virtual Sports

• Expanded partnership with BetMGM and Borgata to bring Virtual Sports to their New Jersey sportsbook; the first US Tier O operator to integrate Virtual Sports into their sportsbook tab (1Q 2026).
• Secured multi-year extensions with key operators, bet365 and Entain (1Q 2026).
• Launched new Virtual Soccer BetBuilder product in Greece with OPAP with strong early results showing increased bet volume and gross win (4Q 2025); expected to rollout across the estate ahead of the 2026 World Cup.
• Expanded content in Turkey to include Horse and Greyhound Racing, first racing products in the market (1Q 2026).

Outlook

• Management remains confident in its strategic direction and ability to deliver profitable growth in 2026. The continued expansion of our higher-margin digital businesses and increasing operating leverage support improved earnings quality and stronger free cash flow generation, driving long-term shareholder value.
• Management expects first quarter 2026 Adjusted EBITDA to increase by at least 20% year over year and expects full year 2026 Adjusted EBITDA to be in the range of $112 million to $118 million¹. This includes the expected impact of the UK online gaming tax changes⁵ set out in the November 2025 UK Budget and effective from April 2026.
• Starting in 1Q 2026, we intend to streamline our reporting structure by merging Gaming and Leisure into a single “Retail Solutions” segment; Virtual Sports and Interactive will continue to be reported separately.
  
  

Non-GAAP Financial Measures

We use non-GAAP financial measures, including Adjusted EBITDA, to analyze our operating performance. We use these financial measures to manage our business on a day-to-day basis. We believe that these measures are also commonly used in our industry to measure performance. For these reasons, we believe that these non-GAAP financial measures provide expanded insight into our business, in addition to standard U.S. GAAP financial measures. There are no uniform rules for defining and using non-GAAP financial measures, and as a result the measures we use may not be comparable to measures used by other companies, even if they have similar labels. The presentation of non-GAAP financial information should not be considered in isolation from, as a substitute for, or superior to, financial information prepared and presented in accordance with U.S. GAAP. You should consider our non-GAAP financial measures in conjunction with our U.S. GAAP financial statements.

We define our non-GAAP financial measures as follows:

EBITDA is defined as net income (loss) excluding depreciation and amortization, interest expense, interest income and income tax expense.

Adjusted EBITDA is defined as net income (loss) excluding depreciation and amortization, interest expense, interest income and income tax expense, and other additional exclusions and adjustments (see Adjusted EBITDA reconciliation table). Such additional excluded amounts include stock-based compensation U.S. GAAP charges where the associated liability is expected to be settled in stock, and changes in the value of earnout liabilities and income and expenditure in relation to legacy portions of the business (being those portions where trading no longer occurs) including closed defined benefit pension plans. Additional adjustments are made for items considered outside the normal course of business, including (1) restructuring costs, which include charges attributable to employee severance, management changes, restructuring, dual running costs, costs related to facility closures and integration costs, (2) merger and acquisition costs, (3) gains or losses not in the ordinary course of business and (4) the costs of the restatement of previously issued financial statements.

We believe Adjusted EBITDA, when considered along with other performance measures, is a particularly useful performance measure, because it focuses on certain operating drivers of the business, including sales growth, operating costs, selling and administrative expense and other operating income and expense. We believe Adjusted EBITDA can provide a more complete understanding of our operating results and the trends to which we are subject, and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income or loss, because it does not take into account certain aspects of our operating performance (for example, it excludes non-recurring gains and losses which are not deemed to be a normal part of underlying business activities). Our use of Adjusted EBITDA may not be comparable to the use by other companies of similarly termed measures. Management compensates for these limitations by using Adjusted EBITDA as only one of several measures for evaluating our operating performance. In addition, capital expenditures, which affect depreciation and amortization, interest expense, and income tax benefit (expense), are evaluated separately by management.

Adjusted Net Income is defined as net income (loss) excluding the effects of certain exclusions and adjustments. Such excluded amounts include income and expenditure in relation to legacy portions of the business (being those portions where trading no longer occurs) including closed defined benefit pension plans. Additional adjustments are made for items considered outside the normal course of business, including (1) restructuring costs, which include charges attributable to employee severance, management changes, restructuring, dual running costs, costs related to facility closures and integration costs, (2) merger and acquisition costs and (3) gains or losses not in the ordinary course of business. These items have been adjusted to reflect the tax impact from excluding them from net income (loss).

Adjusted Net Income per diluted share is computed by dividing the Adjusted Net Income by the weighted-average number of common shares outstanding during the period, including the effects of any potentially dilutive securities, including RSUs, using the treasury stock method, and convertible debt or convertible preferred stock, using the if-converted method, unless the inclusion would be anti-dilutive.

Functional Currency at Constant rate. Currency impacts shown have been calculated as the current-period average GBP:USD rate less the equivalent average rate in the prior year quarter, multiplied by the current period amount in our functional currency (GBP). The remaining difference, referred to as functional currency at constant rate, is calculated as the difference in our functional currency, multiplied by the prior year quarter average GBP: USD rate, as a proxy for functional currency at constant rate movement.

Currency Movement represents the difference between the results in our reporting currency (USD) and the results on a functional currency at constant rate basis.

Reconciliations from net income (loss), as shown in our Consolidated Statements of Operations and Comprehensive Loss, to Adjusted EBITDA are shown below.

Conference Call and Webcast

Inspired management will host a conference call and simultaneous webcast at 8:30 a.m. ET / 12:30 p.m. in the UK on Tuesday, March 10, 2026 to discuss the financial results and general business trends.

Telephone: The dial-in number to access the call live is 1-800-715-9871 (US) or 1-646-307-1963 (International). Participants should ask to be joined into the Inspired Entertainment call.

Webcast: A live audio-only webcast of the call can be accessed through the “Events and Presentations” page of the Company’s website at under the Investors link. Please follow the registration prompts.

Replay: A replay of the webcast will be available on the Company’s website at , along with a copy of this press release and an investor slide presentation.

About Inspired Entertainment, Inc.

With a proven track record of innovation, Inspired is a leading provider of content, technology, hardware and services for licensed gaming, betting and lottery operators around the world. Inspired’s proprietary games resonate with players and deliver consistent performance for gaming operators across interactive, virtual sports, and retail gaming environments. Inspired’s content and gaming systems are designed to work together across digital and retail channels, enabling scalable deployment and a consistent player experience. Through this integrated content-led approach, Inspired helps operators strengthen their offerings, drive engagement, and deliver compelling player experiences. 

Additional information can be found at .

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our ability to bring certain of our products to customers in the various markets in which we operate and execute on our strategic plan, statements regarding expectations with respect to potential new customers and statements regarding our anticipated financial performance. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “continue,” “expect,” “estimate,” “plan,” “will,” “would” and “project” and other similar expressions that indicate future events or trends or are not statements of historical matters. These statements are based on Inspired management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside of Inspired’s control and all of which could cause actual results to differ materially from the results discussed in the forward-looking statements. Accordingly, forward-looking statements should not be relied upon as representing Inspired’s views as of any subsequent date. We cannot guarantee that the results anticipated by management, as set forth herein, will be realized or, even if realized, will have the expected effects on our results of operations or financial performance. Such results may be affected by, among other things, the “Risk Factors” section of Inspired’s annual report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent quarterly reports on Form 10-Q, which are available, free of charge, on the U.S. Securities and Exchange Commission’s website at . Inspired does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as required by law.

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Three Months Ended December 31, 2024 

Twelve Months Ended December 31, 2025

Twelve Months Ended December 31, 2024

      (1)   Corporate allocation pro-rated by segment % of total revenue contribution

Three Months Ended December 31, 2024

      (1)   Corporate allocation pro-rated by segment % of total revenue contribution

Twelve Months Ended December 31, 2025